1. Follow the directions and do not put a stop loss on this EA. It's not designed to have one and I took some unnecessary losses as a result (this week and last). At different times this week I had the S/L at 50, then 100, then 200 pips. I took a loss of 52 pips on 3/28 and did the same thing for a 202 pip loss on 4/1. Without the S/L both trades would have shortly closed for a profit.
2. The EA is set to close all trades on the chart (FAP originated or manual) at 00:00GMT on the first of each month. Remember to remove the EA on the last day of the month. The EA can then be restarted after 00:00GMT on the first day of the month once the floating trade closes. I opened a trade on the 31st and the EA closed it out for a 134 pip loss at 00:00 4/1.
Aside from the S/L losses and the accidental "first of the month" trade close (all of which were my fault) the EA did excellent. It closed 15 trades for a 25 pip profit each and 3 trailing stops for minimal profit. My actual live trading account result for 3/28-4/4 was a net loss of 7 pips. Backing out the S/L trades and accidental close would have resulted in a net profit of 381 pips! This is not perfect because it doesn't take into consideration time that it would have lost waiting for my S/L trades to close at a profit and also doesn't take into consideration the 50 pips I would have made from the S/L trades closing at a profit.
Since inception (3/12-4/4) my total actual net profit is 248 pips while the adjusted net profit is a whopping 902 pips! Remember that the "adjusted" profit is not perfect for the reasons stated above but I think it says something very positive any way you look at it.
This week I intend to run it "hands off" so we should have a much cleaner performance detail next weekend. I will be running it at the following settings: Lots: 1 ;LRR: 1 ; MO: 1 ; ML : 100 ; aaa: 9 ; bbb:10 ; TP: 25 ; SL: 0 ; TS: 20 ; SG: 0.5 ; SP: 3 ; SGD: 0.2 ; SGW: 0
I am still a little leery about my custom aaa/bbb settings. The time between trades is typically anywhere from a few minutes to an hour and a half. I believe if I used the recommended settings my trades would be fewer but possibly more conservative. I may change the aaa/bbb for a future week just to see the results.
Here are my results with some pertinent notes:
I intend to continue updating this performance blog on a weekly basis as long as I continue using FAP. Remember that this is LIVE testing on a real-money account so what I'm reporting is authentic and better than some other backtesting and demo reviews. If you appreciate my blog and decide to purchase the Forex Autopilot please show your appreciation by purchasing it by clicking on either my text link or side banner. I get a few bucks from the sale and I have some incentive to keep blogging. On another note, please feel free to email or comment your questions and I'll do my best to help or find an answer.
Have a great week of trading,
Craig
Past Forex Autopilot Updates:
Forex Autopilot Independent Review
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13 comments:
Hi Craig, please keep us updated, I also want to buy it but was not sure.
I am so scared that I will find my account totally wiped!!!
Hi Daleen,
You could always set a stop loss for something high, say 500 pips or whatever your pain threshold is. Proper money management is also important to ensure you don't wipe out your account. There's no hard and fast rules for this EA but use common sense.
Craig
Hi Craig, I,m a new autopilot user, may you post on your web site the best setup parameters ( lots, stop loss , trailing stops etc . for this EA .
Thank you
Lots: 1 ;LRR: 1 ; MO: 1 ; ML : 100 ; aaa: 13 ; bbb:14 ; TP: 25 ; SL: 0 ; TS: 20 ; SG: 0.5 ; SP: 3 ; SGD: 0.2 ; SGW: 0
Hi Craig,
Great Blog!
Since I bought the EA I am running it on a Demo account. It is up now 10%.
Have you tried a live account?
I tried to run on a live account with low lots but it seems the EA will not make trades. I got the activation code and used it for both the Demo and the live account but it seems trades are on in the demo but not the live account. Do you think you can not run two copies or am I missing something here.
Hi Fawzi,
I have only run the EA in a live account. I am still running the old EA (without the activation code). It's quite possible that you can't run both a live and demo account on the same MT4 platform. I think you should email support and ask.
Craig
Thanks Craig.
What is the mail you have for their support?
I have sent them emails to support@forexautopilot.com
with no response so far.
Thanks.
Hi Fawzi,
I also experienced poor service with the FAP support email. You do have the correct address.
Will your EA work if you have just the live EA going? Also, do you have your MT4 platform correctly configured to support live auto trading?
I'm having a fairly good week of trading and will be posting the results either Friday night or Saturday.
Thanks for the invaluable service, Craig!
Please forgive me if it was posted before, but what FX broker are you using with Forex Autopilot. And is it a natural trading environment broker and do you trust that they will not go out of business with trader's money?
I'm new to this but find it fascinating and would like to purchase this EA through your great site. One thing I would rather not do is find things out the hard way on my own, but rather follow your great example.
Thanks again!
Newtrader - Thanks for the kind words.
I trade through Interbank (www.ibfx.com). This broker is US based and is regulated. They are one of the top 3 (I believe) largest FX brokers. Plus they use the MT4 platform which is a requirement of the FAP.
Hi Craig! Thanks a lot for all the useful info on your blog. I'm really learning a lot by reading these posts, especially since I'm totally new to Forex.
I started running FAP on a demo account with only positive trades. I then opened a live account with 250 and within 4 days it grew 190 pips. FAP then entered a long trade at 1.603 and during the night on 22 April (I'm in New Zealand), it closed the trade -369, leaving me with $78!
Forex.com suggested I trade with a minimum of 500, so I started again this week. The first trade was put in again as a long trade, which is now hovering around -78. You mention that trades will all be closed at 00:00GMT. If I disable FAP, and then start it again after 00:00, will it then just continue the trade from where it is at that stage? Or when will it close the trade? If I need to close the trade manually, I would prefer to watch the movement and do it in the next day to try and keep my loss to the minimum.
Hope you could give me some advice!
Hi Craig:
PLease, what do you consider the best setups are for a Mini Account. I tried the robot on a Virtual Account and eventhouh the results are good. Whenever I havw a loss, it is huge. I wonder how to manage the Trailing stop or a stop loss for a mini account.
Thank you
Anelli - Trades will only close on the first of the month.
Julo - Please read my more recent updates. I used the recommended settings. I had my lots set to 1 mini lot; however, I am no longer running this EA live.
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